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Jill Baxter returns to New York from Reno to find that her divorce from Russian Duke Alexi has put her face on the front page of every paper.  Trying to avoid reporters, she boards a New England train in the yards, thinking that it is the train to Canada.  When the train pulls out, however, she learns that it is the train bound for the winter carnival at Dartmouth University, where she was crowned queen six years earlier.  Jill's sister Ann is aboard the train and tries to convince her sister to spend two days at the carnival.  Jill, fearing publicity, insists upon waiting at the Hanover station for the Montreal Express.

Hanover is buzzing with activity, with the two busiest spots being the offices of Don Reynolds, the editor of the Dartmouth Graphic, and the pressing establishment that provides money to support Mickey Allen, Dartmouth's best skier and Ann's beau.  Supervising various preparations is John Weldon, one of the school's most popular professors and Jill's former sweetheart who still carries a torch for her.  At the Hanover station, Jill is spotted by reporter Tiger Reynolds, Don's father, who informs Weldon.  With conflicting emotions, Weldon goes to meet Jill.

That night, Ann is chosen Queen of the Carnival.  Her selection intrigues Count Olaf Von Lundborg, the Norwegian ski champion, and his attention causes Ann to ignore Mickey.  At the fraternity house, Jill urges Ann to forget the Count, but Ann resents her sister's intrusion.

Meanwhile, Don receives a message intended for his father that Jill's ex-husband is en route to Hanover with a trainload of reporters, and he decides to scoop the New York dailies with the exclusive story.

The next morning, Don warns Jill that her ex-husband is on his way, and helps her plan a getaway.  At the station, Tiger tells the reporters that Jill has gone, and Don learns that his father is unemployed.  Don offers to quit school, but Tiger insists that he complete his education.

Meanwhile, at the ski competition, Mickey beats the count, who then bids Ann goodbye and tells her he is to meet his fiancée the next day.  Mickey and Ann make up and return to the house, where they see Jill and Weldon together.  Ann then explains how she jumped off her train and that she and Weldon have decided to renew their romance.